Bank of China, Ten­cent tie up for blockchain project

Banking Frontiers - - Blockchain -

The Bank of China said it is partnering with Ten­cent, one of China’s largest in­ter­net com­pa­nies, to trial blockchain tech­nol­ogy in fi­nan­cial ap­pli­ca­tions. The plan in­volves creation of a new joint re­search space for the de­vel­op­ment of new prod­ucts. The two en­ti­ties in­tend to ex­ploit ar­ti­fi­cial in­tel­li­gence and blockchain with the ul­ti­mate aim of build­ing a fin­tech cloud plat­form with re­duced risk and gains in ef­fi­ciency. Sev­eral Chi­nese banks, in­clud­ing the Bank of China, have an­nounced part­ner­ships with pri­vate sec­tor firms to work on de­vel­op­ing fin­tech and blockchain with ma­jor pri­vate sec­tor firms.

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